If you are a Bitcoin fan, you must be aware of the positives and the negatives of Bitcoin investments. The world has divided mainly into two sections; the first half believes in Bitcoin investments, while the second half does not. In such situations, the non-believers of Bitcoin investments have been spreading many rumors regarding Bitcoin-Era which have turned out to be myths in the present world.
You can watch the following article to watch the myths getting busted now!
What are the Myths of Bitcoins?
If you do proper research and check out various surveys from all around the globe, then you will get to know the various irrelevant myths related to bitcoins. These myths are also one of the primary reasons behind people not believing in digital currencies. Check out the following points now:
- Bitcoin is a Ponzi Scam:
Do you know what Ponzi are? If not yet, then to clear your thought procedure, Ponzi are scams where the owner or developer of the business sucks out all the customers’ money, declares himself bankrupt, and ultimately closes the trade. Most non-believers consider the above myth trustworthy because Satoshi Nakamoto had run away, hiding from the world with 1 million BTC in 2011. The risks of loss, wild volatility factor, and the questions on backup of Bitcoins worry most people.
But to your surprise, all the above myths have their reasons. Satoshi Nakamoto did not run away from the world but only chose his identity because he wanted to see Bitcoins grow independently without any human involvement.
The risk of losses is interlinked with the volatile nature of the Bitcoin market. However, you should know that nobody would come to force you to take part in Bitcoin investments. You will get all the necessary relevant information and then only decide whether to take risks which can buy you a high range of profit or not. Moreover, Bitcoins might not be backed by some person or developer, but it is supported by its security system, decentralized platform, and many more positive factors! Thus, it is not a Ponzi scam!
- Bitcoin entertains illegal activities:
Everyone presents in today’s world knows that Bitcoin cryptocurrencies have one of the safest modes of transaction due to blockchain technology in it. That is why people have been using bitcoin transactions on the Silk Road for carrying out illegal transactions in businesses. However, when terrorists and thieves do the same thing with some fiat currencies, people do not blame the government or the money for the unfortunate happenings. The logic behind the busting of this myth is that science had been created for the betterment of the masses. However, terrorists and harmful groups use it to make bombs and other scientifically proven deadly weapons for destroying humankind. In such situations, the wrong people need to be blamed instead of science or bitcoin, in this case.
- Bitcoin mining wastes a lot of energy:
Everyone knows that previously, people could easily mine out bitcoins sitting at home using their PCs and, of course, skills. However, later it was banned and shifted to Bitcoin mining hubs where developers and miners can visit to mine out Bitcoins by solving complex algorithms. The process cannot be done at home anymore due to the high electricity usage. Thus, many people believe that it is a waste of energy. It is not true because Bitcoin mining leads to the birth of new Bitcoins, which have terrific high market values and can be used in various positive aspects. However, several countries and units have been taking steps like utilizing energy from the wastes to get the bitcoin mining activities done.
- Bitcoin is useless because it supports high fees structures:
It does not make much sense when you try to come to such an irrelevant conclusion because the cryptocurrencies’ market value is high. The market value of bitcoin is generally high because of its fantastic success rate. However, if you want to buy bitcoins, you can purchase fractional parts of it by spending $100 now and then and ultimately get a whole BTC! It would make the same sense anyways.
All the above myths have been busted. Also, you can try out Bitcoin Era for safe and secure bitcoin trading now!
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